SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 10-SEP-2026

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

PERSONS: VIOLATED SEBI (PFUTP) REGULATIONS, 2003

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

201

ARCHANA MUKESH PAREKH

(PAN:AGNPP2265K)

INDULGED IN FRONT RUNNING TRADING ACTIVITIES OF DEALERS OF RELIANCE SECURITIES LTD. AND OTHER CONNECTED ENTITIES VIOLATING REGULATIONS 3(A) TO (D) AND 4(1) & 4(2)(Q) OF SEBI (PFUTP) REGULATIONS, 2003

RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING/SELLING OR OTHERWISE DEALING IN SECURITIES AND/OR UNITS OF MUTUAL FUNDS DIRECTLY OR INDIRECTLY OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER FROM 07-AUG-2020 UNTIL FURTHER ORDERS

CEASED AND DESIST FROM UNDERTAKING ANY ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 07-AUG-2020 UNTIL FURTHER ORDERS

DIRECTED TO OPEN ESCROW ACCOUNT WITH A NATIONALISED BANK JOINTLY OR SEVERALLY AND DEPOSIT IMPOUNDED AMOUNT TO BE PROCEEDS GENERATED FROM FRONT RUNNING TRADES WITHOUT PERMISSION FROM SEBI

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS WITHOUT PRIOR PERMISSION OF SEBI

DIRECTED BANKS TO ENSURE COMPLIANCE OF THE DIRECTIONS ISSUED BY SEBI FROM 07-AUG-2020 UNTIL FURTHER ORDERS

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES

DIRECTED TO FREEZE EXISTING HOLDING OF SECURITIES, INCLUDING UNITS OF MUTUAL FUNDS

07-AUG-2020

SEBI VIDE ITS ORDER DATED 30/06/2021 DIRECTED SEBI TO RELEASE RS.4,26,481 FROM THE ESCROW ACCOUNT WHICH WAS OPENED FOR THE ALLEGED TRADES EXECUTED FROM THE TRADING ACCOUNT OF MS.ARCHANA MUKESH PAREKH

SEBI VIDE ITS ORDER DATED 30/06/2021 DIRECTED TO A) RESTRAINED FROM BUYING, SELLING OR DEALING IN THE SECURITIES MARKET OR ASSOCIATING THEMSELVES WITH SECURITIES MARKET, EITHER DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER TILL FURTHER DIRECTIONS B) CEASE AND DESIST FROM UNDERTAKING ANY ACTIVITY IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER TILL FURTHER DIRECTIONS C) DURING THE PERIOD OF RESTRAINT EXISTING HOLDING, INCLUDING UNITS OF MUTUAL FUNDS AND DEMAT ACCOUNTS SHALL REMAIN FROZEN

SEBI VIDE ITS ORDER DATED 23/01/2023 DIRECTED TO TRANSFER DISGORGEMENT AMOUNT RS.69,61,434.00 ALONG WITH ACCRUED INTEREST FROM ESCROW ACCOUNT TO INVESTOR PROTECTION AND EDUCATION FUND

SAT: SAT VIDE ITS ORDER DATED 07/06/2023 CONDONED THE DELAY IN FILING OF APPEAL. IN THE MEANWHILE, RESPONDENT TO FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND REJOINDER TO BE FILED WITHIN THREE WEEKS THEREAFTER. STAYED IMPUGNED ORDER AND DIRECTED APPELLANT TO DEPOSIT BALANCE DISGORGEMENT AMOUNT AND PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

202

ARCHANA MUKESH PAREKH

(PAN:AGNPP2265K)

ALLEGED INDULGENCE IN FRONT RUNNING THE TRADES OF TATA ABSOLUTE RETURN FUND

REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.87,30,881, DISGORGEMENT AMOUNT RS.2,88,269, INTEREST RS.73,165 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

26-DEC-2022

203

ARJUN KISHORBHAI BHUT

(PAN:CSEPB1036P)

MADE FALSE AND MISLEADING STATEMENTS TO STOCK EXCHANGES REGARDING ANNOUNCEMENTS OF ORDER/ CONTRACTS VIOLATING SECTION 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(F) 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF BHARAT GLOBAL DEVELOPERS LTD.

MISREPRESENTED / MISSTATED FINANCIAL STATEMENTS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(F) 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF BHARAT GLOBAL DEVELOPERS LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 23-DEC-2024 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 23-DEC-2024 UNTIL FURTHER ORDERS

DIRECTED TO IMPOUND UNLAWFUL GAIN RS.13,61,025

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

DIRECTED NOT TO DEAL IN SHARES OF BHARAT GLOBAL DEVELOPERS LTD. IN ANY MANNER WHATSOEVER FROM 23-DEC-2024 UNTIL FURTHER ORDERS

DIRECTED TO CO-OPERATE WITH SEBI�S INVESTIGATION BY FURNISHING ALL RELEVANT INFORMATION REGARDING THE COMPANY�S COMMERCIAL TRANSACTION, ITRS , MINUTES OF MEETINGS OF COMPANY�S BOARD OF DIRECTORS, EMPLOYEES, EPFO, GST REGISTRATION AND PAYMENTS, COMMUNICATIONS WITH TATA AGRO & CONSUMER PRODUCTS, RELIANCE INDUSTRIES LTD., UPL AGRO PVT.LTD., MC CAIN INDIA AGRO PVT.LTD. REGARDING THE BUSINESS CONTRACTS DISCLOSED TO INVESTORS

23-DEC-2024

SEBI VIDE ITS ORDER DATED 26/03/2025 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 23/12/2024

204

ARPAN KIRTIKUMAR SHAH

(PAN:BPUPS0701N)

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DHANMATA REALTY PVT.LTD.

PAN:AAECD3808L

INDULGED IN FRONT RUNNING THE TRADES OF PNB METLIFE INDIA INSURANCE CO. AND INSTITUTIONAL CLIENTS OF INVESTEC AND MADE UNLAWFUL PROFITS VIOLATING SECTIONS 12A(A) TO 12A(C) AND 12A(E) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO 3(D), 4(1) AND 4(2)(Q) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DHANMATA REALTY PVT.LTD. AND OTHERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 20-DEC-2024 UNTIL FURTHER ORDERS

DIRECTED TO DISGORGE RS.21,15,78,005 ALONG WITH OTHER ENTITIES/PERSONS

DIRECTED TO CREDIT/DEPOSIT AMOUNT OF UNLAWFUL GAINS IN INTEREST BEARING ESCROW ACCOUNT WITH NATIONALIZED BANK WITHIN FIFTEEN DAYS FROM DATE OF ORDER AND THE AMOUNT KEPT THEREIN NOT TO BE RELEASED WITHOUT PERMISSION FROM SEBI

DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES / SECURITIES, TILL SUCH TIME UNLAWFUL GAINS ARE CREDITED TO ESCROW ACCOUNT

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

CEASED AND DESIST FROM DIRECTLY OR INDIRECTLY, ENGAGED IN FRAUDULENT, MANIPULATIVE OR UNFAIR TRADE PRACTICE INCLUDING FRONT RUNNING ACTIVITIES FROM 20-DEC-2024 UNTIL FURTHER ORDERS

20-DEC-2024

205

ARPIT PIYUSHBHAI SHAH

(PAN:BECPS1043E)

AIDED AND ABETTED MR.PRANAV KAMLESHKUMAR TRIVEDI TO MANIPULATE IN THE SCRIP OF QUASAR INDIA LTD.

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

IMPOSED PENALTY RS.7,00,000

31-OCT-2025

SEBI VIDE ITS NOTICE DATED 10/06/2026 DIRECTED TO PAY RS.7,57,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 29/06/2026 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS, MUTUAL FUNDS FOLIOS AND/OR POST OFFICE ACCOUNT EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

SEBI VIDE ITS NOTICE DATED 30/07/2026 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.7,64,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

SAT: SAT VIDE ITS ORDER DATED 03/08/2026 ALLOWED APPELLANT TWO WEEKS TO FILE REJOINDER AND STAYED RECOVERY SUBJECT TO DEPOSIT OF RS.25 LAC WITHIN TWO WEEKS FROM DATE OF THIS ORDER

206

ARPITA VORA

(PAN:AAEPV7626D)

(Along with : KUSHAL P.SHAH,

VARSHA VORA,

KANKUBEN VORA,

PARESH VORA,

JITEN VORA,

MANOJ SHAH,

PARAS MEHTA,

FAIYAZ RANGWALA)

ANUKARAN COMMERCIAL ENTERPRISES LTD.

PAN:AABCA2578D

JITEN VORA (HUF)

PAN:AAAHV9089C

PARESH VORA (HUF)

PAN:AAGHP4006F

RAJ RADHIKA PROPERTY LTD.

PAN:AAECR0913Q

RAJDEEP ENTERPRISE

PAN:AAAPV3821G

VAIBHAV ENTERPRISE

PAN:AAAPV3819J

EXECUTED ELABORATELY ROUTED TRANSACTIONS FOR THE PURPOSE OF FUNDING ITS OWN PREFERENTIAL ALLOTMENT VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ANUKARAN COMMERCIAL ENTERPRISE LTD.

IMPOSED PENALTY RS.30,00,000 ALONG WITH OTHER ENTITIES/PERSONS

29-JUL-2022

SAT: SAT VIDE ITS ORDER DATED 12/10/2022 DIRECTED RESPONDENT TO FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND REJOINDER TO BE FILED WITHIN THREE WEEKS THEREAFTER AND DIRECTED APPELLANTS TO DEPOSIT A SUM OF RS.20 LAC WITHIN FOUR WEEKS FROM DATE OF THIS ORDER AND BALANCE AMOUNT NOT TO BE RECOVERED DURING PENDENCY OF APPEAL

SAT: SAT VIDE ITS ORDER DATED 22/12/2022 CONDONED THE DELAY IN FILING OF APPEAL AND DIRECTED REJOINDER TO BE FILED WITHIN THREE WEEKS

SAT: SAT VIDE ITS ORDER DATED 13/02/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 15/10/2025 DISMISSED THE APPEAL. NO COSTS

SEBI VIDE ITS NOTICE DATED 07/01/2026 DIRECTED TO PAY RS.2,87,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 20/01/2026 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.9000 OF 2026 DATED 07/01/2026

207

ARTI ATUL KIRLOSKAR

(PAN:ABEPK3630R)

TRADED WHILE IN POSSESSION OF NON-PUBLIC INFORMATION OF CAPITAL LOSS VIOLATING SECTIONS 12A(A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF KIRLOSKAR BROTHERS LTD.

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 20-OCT-2020 TO 19-APR-2021

DIRECTED TO DISGORGE RS.3,02,23,450

20-OCT-2020

SAT: SAT VIDE ITS ORDER DATED 24/12/2020 STAYED THE EFFECT AND OPERATION OF IMPUGNED ORDER PROVIDED APPELLANT WILL NOT SELL THEIR SHARES IN KIRLOSKAR INDUSTRIES LTD. TO THE VALUE OF RS.10 CRORES

SAT: SAT VIDE ITS ORDER DATED 12/10/2022 ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDERS DATED 28/10/2020

SAT: SAT VIDE ITS ORDER DATED 04/12/2023 DISPOSED OF MISC.APPLICATION AND DIRECTED SEBI TO PAY COST RS.5 LAC, TO BE DEPOSITED BEFORE REGISTRAR OF TRIBUNAL WITHIN TWO WEEKS FROM DATE OF THIS ORDERA

208

ARTI ATUL KIRLOSKAR

(PAN:ABEPK3630R)

IMPOSED PENALTY RS.3,00,00,000

20-OCT-2020

209

ARUN DUTTA

(PAN:AIYPD5217E)

INDULGED IN OFF-LOADING OF SHARES AFTER CIRCULATION OF BULK SMSES AT A HUGE PROFIT VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DARSHAN ORNA LTD.

RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING/SELLING OR OTHERWISE DEALING IN SECURITIES AND/OR UNITS OF MUTUAL FUNDS DIRECTLY OR INDIRECTLY OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER FROM 19-DEC-2022 TO 19-DEC-2027

IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

19-DEC-2022

SEBI VIDE ITS NOTICE DATED 07/09/2023 DIRECTED TO PAY RS.11,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 09/10/2023 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

SEBI VIDE ITS NOTICE DATED 16/11/2023 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.11,01,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

SEBI VIDE ITS NOTICE DATED 08/01/2026 ALLOWED THE APPEAL AND DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUND FOLIOS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 09/10/2023

210

ARUN KUMAR GUPTA

(PAN:AAKPG5996K)

HPC BIOSCIENCES LTD.

PAN:AABCH6762Q

ACTED FRAUDULENTLY TO LIST SCRIP OF THE COMPANY AND SUBSEQUENTLY DIVERT THE IPO PROCEEDS VIOLATING SECTIONS 12A(A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF IPO OF HPC BIOSCIENCES LTD.

INDULGED IN CONSPIRACY TO ACHIEVE MINIMUM SUBSCRIPTION OF IPO AND ONCE THE SAID PLAN WAS SUCCESSFUL, FUNDS WERE TRANSFERRED BACK TO THE ENTITIES WHO FUNDED THE IPO VIOLATING SECTIONS 12A(A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D), 4(1), 4(2)(C), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF IPO OF HPC BIOSCIENCES LTD.

INDULGED IN CONSPIRACY TO ACHIEVE MINIMUM SUBSCRIPTION OF IPO AND ONCE THE SAID PLAN WAS SUCCESSFUL, FUNDS WERE TRANSFERRED BACK TO THE ENTITIES WHO FUNDED THE IPO VIOLATING REGULATION 57(1) OF SEBI (ICDR) REGULATIONS, 2009 IN MATTER OF IPO OF HPC BIOSCIENCES LTD.

IMPOSED PENALTY RS.6,00,000

25-FEB-2022

SEBI VIDE ITS NOTICE DATED 29/07/2022 DIRECTED TO PAY RS.6,37,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 18/08/2022 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

SEBI VIDE ITS ORDER DATED 05/09/2022 DIRECTED ALL THE BANKS TO REMIT ENTIRE AMOUNT TO THE EXTENT LYING IN THE BANK AND TERM DEPOSIT ACCOUNTS OF MR.ARUN KUMAR GUPTA TO SEBI BY WAY OF EFT/NEFT/RTGS

SEBI VIDE ITS ORDER DATED 31/10/2022 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.5234 OF 2022 DATED 29/07/2022

SEBI VIDE ITS NOTICE DATED 31/10/2022 ALLOWED THE APPEAL AND DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUND FOLIOS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 18/08/2022

211

ARUN KUMAR PANDEY

(PAN:AAGPP8547D)

OMAXE LTD.

PAN:AAACO0171H

INDULGED IN FALSIFICATION/FABRICATION OF BOOKS OF ACCOUNTS AND MANIPULATION OF FINANCIAL STATEMENTS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(B), 3(C), 3(D), 4(1), 4(2)(E), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF OMAXE LTD.

INDULGED IN FALSIFICATION/FABRICATION OF BOOKS OF ACCOUNTS AND MANIPULATION OF FINANCIAL STATEMENTS VIOLATING REGULATIONS 4(1), 4(2)(E), 33(1)(A), 33(1)(C), 34(3) AND 48 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 27 OF SEBI ACT, 1992 IN MATTER OF OMAXE LTD.

ISSUED UNTRUE CERTIFICATES WITH RESPECT TO FINANCIAL STATEMENTS VIOLATING REGULATION 17(8) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF OMAXE LTD.

DID NOT PLACE THREE OMNIBUS APPROVALS FOR RELATED PARTY TRANSACTIONS VIOLATING REGULATION 23(3) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF OMAXE LTD.

SAT: SAT VIDE ITS ORDER DATED 01/10/2024 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER TO BE FILED WITHIN FOUR WEEKS THEREAFTER. STAYED THE DIRECTIONS IN PARAS NO.41(1) AND 41(2) SUBJECT TO DEPOSIT OF PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 16/12/2024 GRANTED APPELLANTS FOUR WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 08/05/2025 GRANTED APPELLANTS THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 01/09/2026 DISMISSED THE APPEAL. NO COSTS

212

ARUN LAHA

(PAN:ATFPL9692P)

RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING/SELLING OR OTHERWISE DEALING IN SECURITIES AND/OR UNITS OF MUTUAL FUNDS DIRECTLY OR INDIRECTLY OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER FROM 19-DEC-2022 TO 19-DEC-2027

IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

19-DEC-2022

213

ARUN MOHANBHAI KORDIA

(PAN:AVFPK4671H)

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 23-DEC-2024 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 23-DEC-2024 UNTIL FURTHER ORDERS

DIRECTED TO IMPOUND UNLAWFUL GAIN RS.3,85,225

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

DIRECTED NOT TO DEAL IN SHARES OF BHARAT GLOBAL DEVELOPERS LTD. IN ANY MANNER WHATSOEVER FROM 23-DEC-2024 UNTIL FURTHER ORDERS

DIRECTED TO CO-OPERATE WITH SEBI�S INVESTIGATION BY FURNISHING ALL RELEVANT INFORMATION REGARDING THE COMPANY�S COMMERCIAL TRANSACTION, ITRS , MINUTES OF MEETINGS OF COMPANY�S BOARD OF DIRECTORS, EMPLOYEES, EPFO, GST REGISTRATION AND PAYMENTS, COMMUNICATIONS WITH TATA AGRO & CONSUMER PRODUCTS, RELIANCE INDUSTRIES LTD., UPL AGRO PVT.LTD., MC CAIN INDIA AGRO PVT.LTD. REGARDING THE BUSINESS CONTRACTS DISCLOSED TO INVESTORS

23-DEC-2024

SEBI VIDE ITS ORDER DATED 26/03/2025 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 23/12/2024

SEBI VIDE ITS ORDER DATED 27/08/2026 REVOKED ALL THE DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 23/12/2024 AND CONFIRMATORY ORDER DATED 26/03/2025

214

ARUN RAMSWAROOP PANCHARIYA

(PAN:AEVPP6125N)

INDULGED IN ISSUANCE OF GDRS FRAUDULENTLY AND EXECUTED PLEDGE AGREEMENT ON BEHALF OF HIRAN VIOLATING SECTIONS 12A (A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF HIRAN ORGOCHEM LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 06-OCT-2021 TO 05-OCT-2031

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 06-OCT-2021 TO 05-OCT-2031

RESTRAINED AND FURTHER PROHIBITED FROM HOLDING AND OCCUPYING ANY MANAGERIAL POST OR BEING ASSOCIATED DIRECTLY OR INDIRECTLY WITH ANY LISTED PUBLIC COMPANY AND/OR ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FROM 06-OCT-2021 TO 05-OCT-2031

06-OCT-2021

215

ARUN RAMSWAROOP PANCHARIYA

(PAN:AEVPP6125N)

ALKA INDIA LTD.

PAN:AABCA6702F

PAN ASIA ADVISORS LTD.

INDULGED IN FACILITATING SUBSCRIPTION OF GDRS BY VINTAGE FZE, UAE THROUGH FINANCE OBTAINED FROM EURAM BANK, AUSTRIA FOR SUBSCRIPTION OF GDR AND ISSUER COMPANIES (ASAHI), (AVON), CAT), (IKF), (K SERA) AND (MAARS) PLEDGED GDR WITH EURAM BANK VIOLATING SECTIONS 12A(A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(C), 3(D), 4(1), 4(2)(C), 4(2)(E), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ASAHI INFRASTRUCTURE & PROJECTS LTD., AVON CORP.LTD., CAT TECHNOLOGIES LTD., IKF TECHNOLOGIES LTD., K SERA SERA LTD. AND MAARS SOFTWARE INTERNATIONAL LTD.

IMPOSED PENALTY RS.25,00,00,000

08-JUN-2021

SEBI VIDE ITS NOTICE DATED 05/08/2022 DIRECTED TO PAY RS.28,47,68,123.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 18/10/2022 ALLOWED RESPONDENT THREE WEEKS TO FILE REPLY

SAT: SAT VIDE ITS ORDER DATED 17/11/2022 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 20/02/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 25/04/2023 DISMISSED THE APPEAL FOR WANT OF PROSECUTION

SEBI VIDE ITS NOTICE DATED 18/03/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.33,50,01,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

216

ARUN RAMSWAROOP PANCHARIYA

(PAN:AEVPP6125N)

HIGHBLUE SKY EMERGING MARKET FUND

PAN:AADCK9460G

INDIA FOCUS CARDINAL FUND

PAN:AABCI9518D

VINTAGE FZE

INDULGED IN ISSUANCE OF GDRS FRAUDULENTLY AND EXECUTED PLEDGE AGREEMENT ON BEHALF OF FARMAX VIOLATING SECTIONS 12A (A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF FARMAX INDIA LTD.

DIRECTED TO DISGORGE RS.51,74,09,104 ALONG WITH OTHER ENTITIES/PERSONS

14-JUL-2020

SAT: SAT VIDE ITS ORDER DATED 21/10/2021 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SEBI VIDE ITS NOTICE DATED 19/01/2024 DIRECTED TO PAY RS.73,61,94,071.36 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 11/03/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

217

ARUN RAMSWAROOP PANCHARIYA

(PAN:AEVPP6125N)

INDULGED IN ISSUANCE OF GDRS FRAUDULENTLY AND EXECUTED PLEDGE AGREEMENT ON BEHALF OF WINSOME VIOLATING SECTIONS 12A (A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF WINSOME YARNS LTD.

IMPOSED PENALTY RS.20,00,000

29-OCT-2020

218

ARUN RAMSWAROOP PANCHARIYA

(PAN:AEVPP6125N)

INDULGED IN ISSUANCE OF GDRS FRAUDULENTLY AND EXECUTED PLEDGE AGREEMENT ON BEHALF OF VIKASH VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF VIKASH METAL & POWER LTD.

IMPOSED PENALTY RS.10,00,000

30-SEP-2022

SEBI VIDE ITS NOTICE DATED 30/04/2024 DIRECTED TO PAY RS.11,91,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 16/05/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

SEBI VIDE ITS NOTICE DATED 18/07/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.12,21,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

219

ARUN RAMSWAROOP PANCHARIYA

(PAN:AEVPP6125N)

INDULGED IN APPROVAL OF BOARD RESOLUTION OF GDR ISSUE VIOLATING SECTION 12A (A) TO (C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF AQUA LOGISTICS LTD.

IMPOSED PENALTY RS.10,00,00,000

29-SEP-2020

SEBI VIDE ITS NOTICE DATED 10/06/2024 DIRECTED TO PAY RS.14,60,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 21/08/2024 DIRECTED TO A) PROHIBITED FROM DISPOSING, TRANSFERRING, ALIENATING OR CREATING CHARGE IN RESPECT OF ALL THE IMMOVABLE AND MOVABLE PROPERTIES LISTED IN ORDER B) PROHIBITED FROM TAKING ANY BENEFIT UNDER ANY DISPOSAL, TRANSFER, ALIENATION OR CREATING CHARGE IN RESPECT OF THE PROPERTIES LISTED IN ORDER C) DIRECTED TO FURNISH COMPLETE DETAILS OF ALL MOVABLE AND IMMOVABLE PROPERTIES HELD BY DEFAULTERS AND CHARGES, IF ANY, WITHIN ONE WEEK FROM DATE OF THIS ORDER DULY CERTIFIED COPIES OF ALL THE TITLE DEEDS, VALUATION REPORTS OF ALL THE PROPERTIES HLED BY DEFAULTER WITHIN TWO WEEKS FROM DATE OF THIS ORDER D) DIRECTED INSPECTORS GENERAL OF REGISTRATION OF MAHARASHTRA AND THE CONCERNED SUB-REGISTRARS OF THE RESPECTIVE AREAS WHERE THE PROPERTIES ARE LOCATED E) NOT TO ACT UPON ANY DOCUMENTS PURPORTING TO BE DEALING WITH TRANSFER, MORTGAGE, CHARGE, LEASE OR CREATION OR ALTERATION OF ANY INTEREST IN ANY OF THE PROPERTIES OWNED/HELD BY THE DEFAULTERS, IF PRESENTED FOR REGISTRATION

SEBI VIDE ITS ORDER DATED 28/08/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

220

ARUN RAMSWAROOP PANCHARIYA

(PAN:AEVPP6125N)

HIRAN ORGOCHEM LTD.

PAN:AAACH0977J

IMPOSED PENALTY RS.25,00,00,000

17-JUN-2020